Apple’s disappointing earnings report today sent the stock down more than 7% after hours.
That’s a lot for any company, but particularly dramatic for Apple, which is the most valuable company in the world.
Before market close today, Apple’s market cap was $578 billion. That means a 7 per cent drop erases more than $40 billion worth of value. The bad news doesn’t end there. Shares of some of Apple’s suppliers are down too, with Bloomberg reporting that Cirrus Logic has lost more than 8%.
By way of comparison, Alphabet’s market cap is around $485 billion. How long until it passes the leader?